September 17, 2016 – Dealing With The Pains & Frustrations Of Economic Recession In Nigeria

It is no longer news that the Nigerian economy is in a recession, on a daily basis distressing news of job losses, increasing cost of goods and services, closure of businesses, scarcity and high cost of foreign exchange, owing of workers, and increased crime rate, are reported by the media.

The adverse effects of the nation’s economic downturn is borne by individuals and families, there has been media reports of people who have been driven to commit suicide on account of economic hardship and frustration.

Crime rate has been on the increase, and some people claim they got involved in criminal activities due to the current economic hardship. In many homes, conflicts, quarrels, and disagreements are the norm, a lot of family relationships have been strained due to loss of income, and difficulty in providing basic needs.

What can individuals and families do to deal with the pains and frustrations of the current Nigerian economic crisis?

Here are some steps that can be taken to handle the pains and frustration facing many today.

STEPS TO TAKE IN DEALING WITH THE PAINS AND FRUSTRATIONS OF ECONOMIC RECESSION :

1. Have a positive mindset ; your actions are a reflection of your thoughts, keeping a negative mindset makes one to see obstacles, gloom, and doom. A positive mindset makes one to see hope and possibilities.

2. Have an action plan ; wishing your problems go away may appear to be soothing, but it does not solve problems, a well thought out plan and action is required to solve a problem.

3. Make needed life style changes ; as the economic situation bites harder, life styles that promote wasteful and reckless spending of money should be put under control. It is not wise in times like this, to put up appearances and live above your income.

4. Ask for help when you need to do so; there is no gain in suffering and dying in silence, when overwhelmed by financial obligations you should ask for help from those who can offer it.

5. Don’t dwell on bad news ; bad news seems to happen every day, and cannot be avoided, but you can make conscious efforts not to focus on the negative reports you hear. Avoid gatherings and discussions where bad news is celebrated. Dwelling on bad news promotes feelings of hopelessness and depression.

6. Share your problems with trusted friends and family members ; in times of adversity, isolating yourself from friends and family members is a step in the wrong direction, comfort, love, and support from friends and family is essential in coping with pains and frustrations in times of difficulties.

7. Avoid actions that will compound your situation ; financial spending and decisions should be well thought over, actions that leads to debts and unnecessary purchases should be strongly avoided.

8. Put God first in all things ; in the midst of the current economic travails, our trust and believe in God should remain strong, God sees and knows our pains and frustrations, and God will make a way of escape for us, while we wait on Him.

The economic recession has brought hardship to many, getting involved in crime, or considering suicide is not the right course of action. Taking actions to work out solutions to the problems we face is the right way to go.

The current economic recession in Nigeria is not a permanent situation, but a temporal one, it will come to an end in the next two to three years. We should not lose hope, tough times don’t last, but tough people do.

5 thoughts on “Dealing With The Pains & Frustrations Of Economic Recession In Nigeria”

thanks Mr John for the your words of advice and motivation.. more ink to your pen… LET ME START by changing the spot of your last point “put God first in all things”. u think the point said it all it should be the number 1 God first then any other thing can follow….

EVEN ILLITERATES in Nigeria understands what recession means though they may not know the direct literal meaning.. It as become part of our daily devotion.. Recession to some people is that time when there economy downturn. why to some people recession are those period when PMB was in power… WHICHEVER DEFINITION it given it is allowed because it is a free world but the fact that people blame every single thing on recession makes it ugly…IMAGINE SOMEONE who has been into armed robber for 6 years blaming recession (i don’t doubt it that such person brain as gone into recession for long).. We are Nigerians this is our land we can’t run away from her for ever…we just have to be hopeful that #IT_CAN_ONLY_GET_BETTER and keep praying for our #clueless leaders… we dont have to make unnecessary blame on recession for our intended act even though we are not happy with the present administration we just have to keep supporting in our own little way till the expiry date (2018)..

BUT COME TO THINK OF IT is really badluvk on PMB side or is that he is totally clueless and confused (recession 1983-1985(PMB era) (recession 2016 till further notice (PMB era)….

thanks Mr John for the your words of advice and motivation.. more ink to your pen… LET ME START by changing the spot of your last point “put God first in all things”. i think the point said it all it should be the number 1 God first then any other thing can follow…. EVEN ILLITERATES in Nigeria understands what recession means though they may not know the direct literal meaning.. It as become part of our daily devotion..Recession to some people is that time when there is economy downturn. why to some people recession are those period when PMB was in power… WHICHEVER DEFINITION it given it is allowed because it is a free world but the fact that people blame every single thing on recession makes it ugly…IMAGINE SOMEONE who has been into armed robbery for 6 years blaming recession (i don’t doubt it that such person brain as gone into recession for long)..We are Nigerians this is our land we can’t run away from her for ever…we just have to be hopeful that #IT_CAN_ONLY_GET_BETTER and keep praying for our #clueless leaders… we don’t have to make unnecessary blame on recession for our intended act even though we are not happy with the present administration we just have to keep supporting in our own little way till the expiry date (2018)…

BUT COME TO THINK OF IT is it really badluvk on PMB side or is that he is totally clueless and confused? (recession 1983-1985(PMB era) (recession 2016 till further notice (PMB era)….but as @koolz will say LIFE GOES ON…. we just have to keep fighting.#IT_CAN_ONLY_GET_BETTER#FIGHT_THE_CRIME

@John Uzie those points you enumerated in your article to help deal with the pains & frustration of the economic recession in our country can be of help no doubt.

The reality is that the recession has now gotten to the stage where we all have to apply our God given wisdom to help in managing this turbulent period of economic meltdown in the country. In adapting to the current hardship,a total alteration and amendment is required in our spending. The management of our income is needed in the lives of every individual and family in this critical time in Nigeria.

I also agreed with you that the current economic recession is temporary. However, your prediction or speculation about the end of the recession in 2019 is where I have to put a question mark ?

The fact is that,the ill-motivated economic policy that has been set and already in motion by the current administration to build our poor economy makes it harder for one to believe the end of the hardship in the country is in sight. And I can tell you it is no where near 2019 unless concrete step is taking to reverse the damaging monetary policy by the administration that has seen the sharp fall of our naira and it volatile fluctuation in the forex market.

We cannot just base our hope on [E GO BETTA] to have our problem gone. For us to successfully navigate through this trying times in the history of the nigerian economy,the administration need a new team of highly skilled and erudite professionals,with many years of experience both in the public and private sector to help in reversing the unprofitable economic policy that is already at work.

As a skilled forex trader just like many professional forex traders and not quack, I do predict the strength of the nation’s economy am trading it currency by studying what we call “fundamental analysis” or “technical analysis” which help in examining the GDP which is the primary indicator of that particular country to weigh it economic strength before buying or selling any of there currency. But the sharp fall of our naira in the currency market clearly reveals that our economy does not look promising owing to the fact that the country’s gross domestic product or [GDP] is largely fixed on exportation of Crude oil and not as much in any other. And such, a devaluation of naira when we already have a fall in crude oil price is self destructive.

This is why the administration has often come under fire by many independent financial analysts in the country. And that is why many of this intellectual ones are skeptical and don’t accept or envision the recovery of our economy in 2019 unless the administration work hard with the new financial experts that are yet to be appointed along with CBN to intervene in forex market to have our currency strengthen ones again,things will continue to head in this direction.

And I also want to make it known that the price of crude oil in the international market alone cannot categorically determine the strength of currency. This will be explained more better if any topic or article of such come up in the future. But your suggestion regarding steps to take to help us bear up in this distressing time is highly acceptable and full of wisdom.